Plexus Share News (POS)

(ShareCast News) - Oil and gas engineering services business Plexus Holdings announced on Thursday it had been awarded an order for a second well from Masirah Oil, a British Virgin Islands-based company majority owned by leading technology driven oil and gas company REX International Holdings.The AIM-traded firm firm said the new contract will see Plexus supply Masirah with its POS-GRIP Tersus Mudline equipment and 10,000psi adjustable rental exploration wellhead for the Karamah-1 exploration well offshore Oman.It said the estimated value of the contract to Plexus is $0.29m, with revenues expected to commence during January.Karamah-1 will be drilled from the Aban VII Jackup rig, Plexus' board explained, and follows the successful drilling of the Manarah-1 well by Masirah last year, which was also drilled using Plexus' POS-GRIP wellhead equipment.The board added that Karamah-1 is the second of a multi-well programme which could extend to a third well, subject to the drilling results.Drilling operations are expected to take between 20 and 30 days.Masirah reportedly originally selected Plexus' equipment due to the safety and time savings of POS-GRIP compared to the traditional slip and seal systems, and also the enhanced safety advantages of Plexus' mudline systems and surface hangers with installation through the blowout preventer."This is the second order we have secured with Masirah for our cost effective and technically superior wellhead solutions," said Plexus CEO Ben Van Bilderbeek."Aside from the positive impact on our revenues, it further increases our visibility in this important oil and gas region."Van Bilderbeek explained that the Middle East is one of the few regions in the world where drilling activity has remained relatively stable during the current downturn."As a result, it is a key area of focus for us, as we look to expand the geographic footprint of our best in class equipment."The superior qualities of our wellheads in terms of performance, reliability and safety have no geographic boundaries, and as a result we are confident we can replicate, on a global basis, the historic success we have had in the North Sea where Plexus is firmly established as the dominant supplier of jack-up exploration wellheads."